The microbiome drugmaker will offer 26.6 million shares at a price of $2.25 per share, 31% cheaper than its Thursday close.
Shares dipped 24% to $2.14 Friday as investors typically consider secondary offerings to be dilutive.
The Cambirdge, Massachusetts company plans to use the proceeds to further develop its drug pipeline and for other corporate and working capital purposes.
Seres Therapeutics’ drug pipeline includes SER-287, an Ulcerative Colitis treatment, and SER-401, a treatment for melanoma patients undergoing immunotherapy.
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